{"id":39154,"date":"2020-03-01T15:49:28","date_gmt":"2020-03-01T20:49:28","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=39154"},"modified":"2020-03-01T15:49:43","modified_gmt":"2020-03-01T20:49:43","slug":"londons-post-war-and-contemporary-art-sales","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2020\/03\/londons-post-war-and-contemporary-art-sales\/","title":{"rendered":"London’s Post-War and Contemporary Art Sales"},"content":{"rendered":"

Following up rather weak Impressionist and Modern Sales, Sotheby\u2019s and Christie\u2019s offered their Post-War and Contemporary Art selections with modest expectations\u2026 going in, Sotheby\u2019s had projected a nearly identical pre-sale estimate to last year while Christie\u2019s pre-sale numbers were way down.<\/p>\n

\"Hockney<\/a>

Hockney – The Splash<\/p><\/div>\n

The top lot at Sotheby\u2019s was David Hockney\u2019s The Splash<\/em>, which was guaranteed at the low end of it\u2019s \u00a320-30M estimate. The work attracted just two bids and sold for\u00a0\u00a323.1M ($30M)\u2026 no other lots came close to the Hockney. \u00a0Well behind in second was a Basquiat at \u00a37.4M ($ 9.7M) on a \u00a36-8M estimate \u2013 it was picked up by Russian art specialist James Butterwick, who also nabbed Adrian Ghenie\u2019s The Arrival<\/em> for another \u00a34.2M ($5.4M \u2013 est \u00a32-3.5M). Rounding out the top three was a large Francis Bacon, though not a painting but a collage\u2026 still, the work sold for \u00a37M ($9M) on a \u00a36-8M estimate. Along with these three, two others broke the \u00a35 million threshold \u2013 works by Yves Klein and Christopher Wool. \u00a0One work was withdrawn, leaving 46 lots \u2013 a Richter, purchased just three years ago for $9M\u2026 this time around it was being offered with a low estimate of \u00a36M and attracted no pre-sale interest. Of the 46 remaining works, 43 found buyers (93%) for a total of \u00a392.5M ($120M); they were expecting between \u00a385-118.8M, so towards the lower end of the range even with the buyer\u2019s premiums added in.<\/p>\n

\"Warhol<\/a>

Warhol – Muhammad Ali<\/p><\/div>\n

Christie\u2019s offerings painted a pretty poor picture. Similarly to the Impressionist and Modern sales, it seems to be an issue with sourcing material, but nevertheless it doesn\u2019t look good. \u00a0Going into the evening, they were expecting just \u00a341.6-61.3M ($53.9-79.4M); the lowest pre-sale estimate for a London winter evening sale since 2011.\u00a0 I\u2019m sure I don\u2019t need to point out that oftentimes, a Contemporary Art Evening sale can feature a single lot that can greatly surpass this entire sale\u2019s estimate, but here we are. The discrepancy between the two house\u2019s offerings was glaringly obvious\u2026 Christie\u2019s didn\u2019t have a single lot that topped \u00a35M, which again speaks to the difficulty of sourcing material. The top lot of the evening went to Warhol\u2019s 40×40 inch portrait of Muhammad Ali, which was part of a series known as the \u201cAthlete Series.\u201d The full set of 10 works was being offered individually in the sale; all of them coming from the estate of Richard Weisman, who originally commissioned the series in 1977. Muhammad Ali<\/em>, the most sought after in the series, found a buyer at \u00a34.9M ($6.35M) on a \u00a33-5M estimate\u2026 the series of 10 pieces had a combined total of \u00a38M ($10.3M). \u00a0Last November in New York, the Weisman estate offered another version of the same series, and it sold for a combined total of $15M! Close behind in second was a controversial work by Basquiat that actually featured the highest estimate in the sale at \u00a34-6M\u2026 the work titled The Mosque<\/em>, which carried a third-party guarantee, featured an inscription that read \u201cgoing to heaven\u201d along with a sketchy rendition of a twin-towered mosque. I would assume the subject matter held this one back a bit as it went below estimate at \u00a33.9M ($5.05M), most likely to the guarantor. Rounding out the top three was a work by Hockney that found a buyer at \u00a33.2M on a \u00a32.5-3.5M estimate. The 57-lot sale generated a paltry total of \u00a356.2M ($72.8M), the lowest total in a decade, even though just one lot failed to sell \u2013 that figure is just above the low end of the estimate range, even with the premiums, so it was a pretty poor showing. We can partly attribute this to the uncertainty around Brexit or the impact of Coronavirus (though we were still in the early worry stages when the sale took place), but again, this seems to point to a difficulty in sourcing top-level material to offer in these sales.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following up rather weak Impressionist and Modern Sales, Sotheby\u2019s and Christie\u2019s offered their Post-War and Contemporary Art selections with modest expectations\u2026 going in, Sotheby\u2019s had projected a nearly identical pre-sale estimate to last year while Christie\u2019s pre-sale numbers were way … More…<\/a><\/p>\n","protected":false},"author":5,"featured_media":39156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207,20,429,434],"class_list":["post-39154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-contemporary","tag-auction-news","tag-auction-results","tag-contemporary-art","tag-post"],"yoast_head":"\nLondon's Post-War and Contemporary Art Sales - Rehs Galleries<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2020\/03\/londons-post-war-and-contemporary-art-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"London's Post-War and Contemporary Art Sales\" \/>\n<meta property=\"og:description\" content=\"Following up rather weak Impressionist and Modern Sales, Sotheby\u2019s and Christie\u2019s offered their Post-War and Contemporary Art selections with modest expectations\u2026 going in, Sotheby\u2019s had projected a nearly identical pre-sale estimate to last year while Christie\u2019s pre-sale numbers were way … More...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2020\/03\/londons-post-war-and-contemporary-art-sales\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-01T20:49:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-01T20:49:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2020\/03\/hockney_the_splash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"735\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lance Rehs\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lance Rehs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2020\\\/03\\\/londons-post-war-and-contemporary-art-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2020\\\/03\\\/londons-post-war-and-contemporary-art-sales\\\/\"},\"author\":{\"name\":\"Lance Rehs\",\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/#\\\/schema\\\/person\\\/1af73bcc60ffc65ae3789309242c7168\"},\"headline\":\"London’s Post-War and Contemporary Art Sales\",\"datePublished\":\"2020-03-01T20:49:28+00:00\",\"dateModified\":\"2020-03-01T20:49:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2020\\\/03\\\/londons-post-war-and-contemporary-art-sales\\\/\"},\"wordCount\":690,\"publisher\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2020\\\/03\\\/londons-post-war-and-contemporary-art-sales\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rehs.com\\\/eng\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/hockney_the_splash.jpg\",\"keywords\":[\"Auction News\",\"Auction Results\",\"Contemporary art\",\"post\"],\"articleSection\":[\"Rehs Contemporary\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2020\\\/03\\\/londons-post-war-and-contemporary-art-sales\\\/\",\"url\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2020\\\/03\\\/londons-post-war-and-contemporary-art-sales\\\/\",\"name\":\"London's Post-War and Contemporary Art Sales - 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